Business
Further Loan Agreement
Further Loan Agreement.
About this update from Proteome Sciences Plc
[{"type":"text","content":"\n \n \n\n\nPROTEOME SCIENCES plc\n\n(\"Proteome Sciences\" or \"the company\")\n\n\n29 June 2007\n\nFURTHER LOAN AGREEMENT\n\n\nFollowing the release of the preliminary results for the year to the 31st\nDecember, 2006 the company has entered into a further loan agreement with\nC.D.J. Pearce, the Chief Executive of the company under which he has agreed to\nincrease the existing loan facility available to the company from £4m to £6m,\nin order to provide additional working capital for the group.\n\n\nThe facility is on identical terms to the agreement signed on the 29th June,\n2006, full details of which are also disclosed in the company's Report and\nAccounts for 2006 which are being posted to shareholders today.\n\n\nAs with the previous agreement, the loan facility therefore carries interest at\n2.5% above the base rate of Barclays Bank plc and in view of the size of the\nloan facility, it has been agreed that security for the loan should be charged\nagainst the company's patent portfolio up to the value of the loan outstanding\nand that the loan should be convertible into ordinary shares of the Company at\nthe lower of market price on the date of conversion or the average price over\nthe lowest consecutive ten day trading period since the 29th June, 2006 (the\ndate on which details of the original loan agreement were disclosed).\n\n\nThe Directors of the Company, (with the exception of Mr. Pearce who in view of\nhis interest in the transaction, has taken no part in consideration thereof)\nhaving consulted with its nominated adviser in relation to the loan facility\nfrom Mr. Pearce, consider that the terms of this transaction are fair and\nreasonable insofar as shareholders are concerned.\n\nThe provision of this facility should allow the Company to complete the\nsuccessful outlicencing of TMT® and to see it through to the revenue\nanticipated from its biomarker portfolio, ProteoSHOP® activities and from the\nwarranty claim.\n\n \n\nEnds\n\n \nNotes to editors:\n\nProteome Sciences plc applies high sensitivity proteomics to identify and\ncharacterise differential protein expression in diseases for diagnostic,\nprognostic and therapeutic applications. It has discovered blood biomarkers\nprincipally for stroke, vCJD, BSE, brain damage, solid organ transplant\nrejection and Alzheimer's disease. The main focus of its research ...